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Beware of the great cryptocurrency con | The National

That now looks to have been the top of the market, a classic price spike, signaling the end of a trend, although admittedly it went on longer and got far higher than most thought possible – about 20-fold last year, that’s a record breaker for an asset price bubble. Then things went wrong.

By the end of January you had lost around half your money, and by the middle of February you hit what so far looks to have been the bottom at $6,000.

Then somebody posted a story, which never appeared to be validated, that a major investor was putting $400 million into Bitcoin and prices started to rise again.

Bitcoin did indeed do a classic “dead cat bounce” back to $12,000, and then it began to tumble again last week before picking up again.

Ready for another roller coaster ride? Be careful it could get very rough from here; a broken investment price spike is almost impossible to repair as confidence will never be as high as before it happened.

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Beware of the great cryptocurrency con – The National.